Key Quantitative Figures and Updates

Financial Position

  • Raised ₹315 crore through rights issue in Q4 FY26
  • Repaid all outstanding debt of ₹219 crore, becoming debt-free
  • Invested ₹32 crore in Kyrgyzstan project from rights issue proceeds
  • Invested ₹55 crore in Geomysore Services to maintain 26% stake
  • Requires additional ₹60-100 crore to complete Kyrgyzstan project
  • Other income of ₹31.3 crore in FY26 (₹18.3 crore interest income, ₹13 crore forex gain)

Jonnagiri Gold Project (26% via Geomysore)

  • First private gold mine in India since independence
  • Produced ~100kg refined gold by March 2026
  • Sold part of production; exact quantities not specified
  • Current production: ~30kg per month (March-April 2026)
  • Operating at 1,000 TPD capacity (~300,000 TPA)
  • East block resource: ~12 tons gold
  • Target resource: 32 tons (1 million ounces) across all blocks
  • FY27 production guidance: 600kg
  • FY27 revenue guidance: ₹900 crore (at ₹15,000/gram)
  • FY27 EBITDA guidance: ₹630 crore (70% margin)
  • FY27 PAT guidance: ₹470 crore
  • Attributable to Deccan: ₹120 crore PAT
  • Royalty: 4% to Andhra Pradesh government + 1.28% other charges
  • Expansion planned to 2,000 TPD to achieve 1-1.2 tons/year production

Kyrgyzstan Gold Project (60% stake)

  • Gravity circuit commissioned
  • Merrill-Crowe system commissioning: June 2026 (doré bar production)
  • Full leaching circuit commissioning: July 2026
  • Full commercial production: August 2026
  • Inauguration planned: August 15 or 31, 2026
  • 1.6 million tons of tailings and low-grade stockpiles available
  • Initial grade: ~1.1g/t from stockpiles
  • Mine grade: >3g/t
  • FY27 production guidance: 160kg
  • FY28 production guidance: 300-350kg
  • FY27 revenue guidance: ₹300 crore
  • FY27 PAT guidance: ₹100 crore
  • Attributable to Deccan: ₹60 crore PAT
  • Royalty: 5% to Kyrgyz government
  • Revenue sharing: 17% with government partner Kyrgyzaltyn
  • All-in sustaining cost: $1,054/oz
  • 130 Indian experts currently on site

Bhalukona Nickel-Copper-PGE Project

  • 100% owned by Deccan Gold
  • 30 sq km composite license in Chhattisgarh
  • Completed 1,200m diamond core drilling (7 holes)
  • Intersected 60m mineralized zone in first hole
  • 30m of potentially economic sulfide mineralization @ 0.4% nickel
  • High-grade zone: 2.6m @ 1.01% nickel, 0.29% copper, 0.2g/t palladium
  • Mineralization extends to 200m depth
  • Target: 70,000-80,000 tonnes nickel equivalent resource
  • Planning mining lease application by April 2027
  • Estimated capex: ₹400 crore for processing plant
  • Potential production timeline: 2029

Other Projects

  • Kalevala Gold Project (Finland): Three projects with estimated 6-7 tons resources; target 51% stake
  • Mozambique Lithium-Tantalum: Surface sampling completed; drill targets identified
  • Mozambique Copper-Gold: Surface samples up to 10g/t gold and 3.85% copper
  • Spain Tungsten Project: MoU signed for up to 95% stake; 4 holes completed (1,500m); results pending
  • Tanzania Gold: Relinquished 3 tenements; retained 2 with encouraging values

Ganajur Gold Project

  • Matter pending before Supreme Court
  • Management engaging with state/central governments and Indocil
  • If successful, estimated 30-month development timeline
  • Potential EBITDA twice that of Jonnagiri due to higher grades

Funding Requirements

  • Immediate: ₹60-100 crore for Kyrgyzstan completion
  • Medium-term: ₹400-500 crore for Bhalukona plant
  • Long-term: ₹800-1,000 crore for multiple project development
  • Considering FPO, debt, and promoter funding options
  • EGM scheduled for related party transaction approvals

Production Guidance

  • FY27 Consolidated PAT: ~₹180 crore (₹120cr from Jonnagiri + ₹60cr from Kyrgyzstan)
  • Gold Price Assumption: ₹15,000/gram for Indian operations; $4,000/oz for international
  • 2030 Vision: 1 ton/year from Jonnagiri; 700-800kg from Kyrgyzstan; first nickel-copper-PGE mine in India

Management Commentary

  • Described Q4 as "transformational journey" and "defining quarter"
  • Expressed confidence in delivering Kyrgyzstan project by August 2026
  • Committed to developing multiple mines by 2030
  • Acknowledged past delays due to environmental approvals, weather conditions, and fund transfer issues